CIBIL

People buy things on credit. Own Credit cards, apply for loans and few people have excess of debts.

But how to track all these information? Though I’m not a credit card holder and have no liabilities, I still wanted to know the way how these information are tracked.

And I found something called CIBIL-> Credit Information Bureau of India Limited.

It’s a central repository for all the information related to ur credit based financial transactions.

Many of the banks like SBI,HDFC,ICICI are CIBIL’S client.

What kind of information do CIBIL maintain?

a) You buy a credit card.

b) You make transactions with credit card.

c) You apply for loans.

if you don’t pay your loan on time , don’t pay your credit card bills on time ,that information is also tracked and interesting part is your punctuality in clearing the loan will also be recorded.

These reports are very useful in decision making for financial institution like banks, AMCs and many others as well as for an individual to monitor his personal finances.

I also have learnt that these days’ people with bad CIBIL report are often rejected in interviews conducted by some popular organizations.

All they have to say is if your CIBIL report is bad then it means you are very ignorant about your financial life and hence will certainly not add much value to the organization.

If a Relationship Manager say’s to the customer that “hey my own financial life is a mess. But don’t worry i will help you gain more profit in your investments” do you think customer will ever listen to him and co-ordinate will the organization??

I have also seen people who got their loan application rejected due to bad CIBIL reports as they feel that this individual will not pay clear amount on time.

I’m collecting more information about this. Incase people already know about this can give me more information.